Sec. 1. As used in this chapter:
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Terms Used In Indiana Code 27-1-12.3-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Contract: A legal written agreement that becomes binding when signed.
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- Insurer: means an entity issuing a policy. See Indiana Code 27-1-12.3-1
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
- Policy: means :
Indiana Code 27-1-12.3-1
- premium: means money or any other thing of value paid or given in consideration to an insurer, insurance producer, or solicitor on account of or in connection with a contract of insurance and shall include as a part but not in limitation of the above, policy fees, admission fees, membership fees and regular or special assessments and payments made on account of annuities. See Indiana Code 27-1-2-3
(1) Moody’s corporate bond yield average-monthly average corporates as published by Moody’s Investors Service, Inc.; or
(2) in the event that the Moody’s corporate bond yield average-monthly average corporates is no longer published, a substantially similar average, established by regulation issued by the insurance commissioner.
(b) “Insurer” means an entity issuing a policy.
(c) “Policy loan” means:
(1) a loan secured by a policy of life insurance under IC 27-1-12-6(a)(8) and IC 27-1-12-19;
(2) any premium loan made under a policy to pay one (1) or more premiums that were not paid to the life insurer as they became due; or
(3) a loan secured by any certificate or annuity contract that provides loans on the security of the certificate or annuity contract.
(d) “Policyholder” includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer.
(e) “Policy” means:
(1) a life insurance policy;
(2) a certificate issued by a fraternal benefit society; or
(3) an annuity contract;
that provides for policy loans.
(f) “Rate of interest” or “interest rate” means the rate of interest on policy loans, including the rate of interest charged on reinstatement of policy loans for the period during and after any lapse.
As added by Acts 1981, P.L.240, SEC.1. Amended by P.L.124-2018, SEC.19.
